Extends provisions relating to the power of banks, private bankers, trust companies, savings banks, savings and loan associations, credit unions and foreign banking corporations to exercise the rights of national banks.
STATE OF NEW YORK
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6735
IN SENATE
March 5, 2014
___________
Introduced by Sens. GRIFFO, FARLEY -- read twice and ordered printed,
and when printed to be committed to the Committee on Banks
AN ACT to amend chapter 322 of the laws of 2007, amending the banking
law relating to the power of banks, private bankers, trust companies,
savings banks, savings and loan associations, credit unions and
foreign banking corporations to exercise the rights of national banks,
federal savings associations, federal credit unions and federal
branches and agencies of foreign banks, in relation to the effective-
ness of certain provisions of such chapter; and to amend chapter 3 of
the laws of 1997, amending the banking law and the insurance law
relating to authorizing the banking board to permit banks and trust
companies to exercise the rights of national banks, in relation to the
effectiveness of certain provisions of such chapter
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 6 of chapter 322 of the laws of 2007, amending the
2 banking law relating to the power of banks, private bankers, trust
3 companies, savings banks, savings and loan associations, credit unions
4 and foreign banking corporations to exercise the rights of national
5 banks, federal savings associations, federal credit unions and federal
6 branches and agencies of foreign banks, as amended by section 95 of part
7 A of chapter 62 of the laws of 2011, is amended to read as follows:
8 § 6. This act shall take effect immediately; provided, however that
9 sections one, two, three and four of this act shall take effect Septem-
10 ber 1, 2007; and provided further that sections one, two, three and four
11 of this act shall expire and be deemed repealed September 10, [2014]
12 2019; and provided further that any federally permitted powers approved
13 under section three of this act shall remain in full force and effect on
14 and after such repeal date and shall not be affected by such repeal.
15 § 2. Section 7 of chapter 3 of the laws of 1997, amending the banking
16 law and the insurance law relating to authorizing the banking board to
17 permit banks and trust companies to exercise the rights of national
18 banks, as amended by section 95-a of part A of chapter 62 of the laws of
19 2011, is amended to read as follows:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14097-01-4
S. 6735 2
1 § 7. This act shall take effect immediately provided that section two
2 of this act shall take effect on the thirtieth day after it shall have
3 become a law and shall apply to violations prescribed in section 44 of
4 the banking law that occur on or after such date; and provided further
5 that sections one, three, four and five shall expire and be deemed
6 repealed September 10, [2014] 2019; and provided further that any rules
7 and regulations promulgated pursuant to sections one, three, four and
8 five shall remain in full force and effect on and after such expiration
9 date and shall not be affected by such expiration date.
10 § 3. This act shall take effect immediately.
